State treasurer candidate Mike Heffernan makes a stop in Taunton

A Wellesley Republican visited Taunton on Monday to talk to local business owners and meet with city residents as he runs for the office of state treasurer.

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The Taunton Daily Gazette, Taunton, MA

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Posted Aug. 19, 2014 at 11:23 PM
Updated Aug 20, 2014 at 11:06 AM

Posted Aug. 19, 2014 at 11:23 PM
Updated Aug 20, 2014 at 11:06 AM

» Social News

TAUNTON — A Wellesley Republican visited Taunton on Monday to talk to local business owners and meet with city residents as he runs for the office of state treasurer.

Mike Heffernan, a businessman who worked nearly 20 years as an executive at Citigroup before co-founding a mobile technology company, visited several Main Street establishments to hear what people had to say about the biggest problems they face.

“Sometimes it’s better to be a listener than a talker,” said Heffernan, 53, who has never run for public office prior to this. “For here, it’s parking in downtown Taunton that’s an issue. But across the state it’s too much regulation, and a very, very high level of taxation.”

The political newcomer said that as a treasurer, he wouldn’t have a direct impact on regulation, but he would work “across the aisle with Republicans and Democrats” as they try to cut red tape and stimulate jobs.

Heffernan said what he will have a direct impact on as state treasurer is the management of the Massachusetts Lottery, which is the sole source of unrestricted aid, he added. Heffernan said that he would make the $5 billion state lottery operation more efficient so that it produces even more than the nearly $1 billion in local aid it already provides each year. One idea Heffernan has is to convene a study group to figure out how the lottery can be made less regressive and more profitable.

“Coming from a business background, there is always ways to get more efficiencies,” said Heffernan, while sipping a cold drink inside Coffee Milano during his fourth trip to Taunton after announcing his candidacy in January. “You look at, one, how it’s managed and how can you save it on the top line. And, two, you’ve got 7,400 retail establishments that sell it. What else can we put in that distribution pipeline that we have in the lottery to actually bring more money to the state? Let’s think outside the box.”

Heffernan will run against the winner of a Democratic primary to be held in early Septemeber. Deb Goldberg, of Brookline, state Sen. Barry Finegold, of Andover, and state Rep. Tom Conroy, of Wayland, are all running on the Democratic ticket for state treasurer. Current Treasurer Steve Grossman is running for governor.

Another major focus for Heffernan is improving the state’s pension system and how to help the Massachusetts Pension Reserves Investment Management (PRIM) Board, and he discussed ideas to improve its efficacy. Heffernan said the pension system has double digit returns, but is underfunded, which reduces the dividends that are possible. Heffernan said his father is a retired teacher, so the subject hits home.

Page 2 of 2 - “The returns are fine, but it’s underfunded,” Heffernan said. “We’re leaving money on the table by not putting money into the pension system. We are little over 60 percent funding. The average is in the 70s. Second, working on performance. That’s coming. And, third, is fees. Mass PRIM has made some strides in that area, but the system itself is working to reduce its fees, but they are small numbers that repeat every year.”

As the state treasurer, Heffernan would also be the head of the Massachusetts School Building Authority. Heffernan said that improving schools is not just about unions, teachers or students, but about the community coming together. He also said equality for communities is important when it comes to public school resources.

“We have some of the best schools in the globe in Massachusetts,” he said. “We need to make sure we are helping the schools that are the most needy so that everyone in the state is getting the same level of education.”